Gold-Ore Drills a Significant Extension to the Bjorkdal Gold Mine
12.04.2012 | Business Wire
Gold-Ore Resources Ltd. (GOZ:TSX) is pleased to report diamond drilling results from the underground unit of the Bjorkdal Gold Mine in Sweden. This recent drilling has identified a significant new gold zone in an area where there has been no previous drilling. This new zone hosts numerous well-mineralized veins and remains open to further expansion.Gold-Ore President, Bob Wasylyshyn commented, 'Late last year, we dedicated one underground drill rig to test out beyond the northern end of known mineralization. Since that time, 14 holes totalling 2,990 metres were completed and all holes intersected multiple quartz veins with economic gold grades over mineable widths. This entirely new area has the potential to add several years to the underground mine life.'
The new zone is 200-300 metres below surface and is at the same level and adjacent to areas of active mining. The area lies outside of the underground reserves and our engineering department is currently completing a reserve estimate. The zone has been tested over an area 250 metres by 300 metres and remains open to expansion in several directions. At least 7 veins have been delineated and drilling was conducted at 20 metre spacing. The Company is currently drilling step-out holes to test the on-strike extensions of the veins.
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Drill Hole Section From (m) To (m) Width*(m) Au Grade(g/t)
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2011-040 20 W 93.5 97.3 3.8 2.86
138.0 141.6 3.6 2.04
198.7 203.7 5.0 2.12
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2011-038 80 W 67.7 71.6 3.9 39.15
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2012-002 100 W 57.2 61.2 4.0 5.60
113.0 118.2 5.2 3.87
137.0 141.9 4.9 6.93
172.0 176.1 4.1 2.00
192.2 195.2 3.0 1.99
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2012-003 100 W 104.3 107.3 3.0 9.08
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2011-045 120 W 89.1 92.0 2.9 1.29
95.0 98.0 3.0 7.08
99.0 102.0 3.0 2.45
110.0 114.0 4.0 2.52
140.3 142.3 2.0 2.35
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2012-006 140 W 25.0 28.0 3.0 6.60
92.0 96.0 4.0 72.49
including 94.0 95.0 1.0 277.0
120.0 124.0 4.0 6.42
127.0 133.0 6.0 23.99
including 132.0 133.0 1.0 127.5
164.2 168.2 4.0 6.14
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2011-034 160 W 12.0 16.0 4.0 27.59
77.0 81.0 4.0 2.56
92.1 94.6 2.5 2.30
100.5 103.2 2.7 2.80
105.9 108.4 2.5 12.82
109.3 113.3 4.0 5.98
173.5 176.4 2.9 2.25
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2011-050 180 W 32.6 36.6 4.0 2.55
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2011-051 180 W 133.8 137.8 4.0 1.23
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2011-041 200 W 33.0 35.0 2.0 2.61
48.0 52.0 4.0 14.37
113.3 117.3 4.0 9.55
149.6 153.5 3.9 13.78
238.2 242.1 3.9 4.83
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2011-042 200 W 34.3 38.3 4.0 5.73
136.3 140.3 4.0 7.78
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2011-020 260 W 32.7 35.7 3.0 3.15
74.2 78.2 4.0 16.60
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2011-017 300 W 13.3 16.2 2.9 5.34
25.2 28.1 2.9 2.19
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*True widths average 92% of reported intersection width
Sample Protocol and Chain of Custody
In order to minimize the effects of the coarse nugget gold at Bjorkdal, the Company has elected to submit 100% of the core for analysis, rather than retaining half of the core for archive. This provides a much larger sample for gold analysis and theoretically a more representative result. The core is logged and photographed, and for the zones sampled, the entire core is shipped to ALS Chemex for gold analysis. A rigorous QA/QC program is employed that involves the insertion of blanks and certified standards.
About Gold-Ore
Gold-Ore Resources is a gold producing company focused in the low political risk jurisdiction of Sweden. The Company′s primary asset is the Bjorkdal Gold Mine. The Company has a strong balance sheet, generates significant cash flow from gold sales, and remains un-hedged. Gold-Ore has maintained a good capital structure, with only 85.5 million shares issued (90.9 million fully diluted). Robert Wasylyshyn, P.Geo., President of Gold-Ore is the qualified person for the Company and has reviewed and approved of the written technical disclosure contained in this press release.
On February 1, 2012 (see News Release of that date), the Company announced signing an arrangement agreement with Elgin Mining Inc, whereby Elgin would acquire all of the issued shares of the Company by way of a plan of arrangement. Under the terms of the arrangement agreement, Gold-Ore shareholders are to receive one Elgin common share and one half of one common share purchase warrant of Elgin exercisable at a strike price of $1.30 per Elgin share with a two year term. The transaction is expected to close in early May, 2012.
For more information please contact the Company at (604) 687-8884 or Troy Winsor at 1-800-663-8072. Bjorkdal property information is posted on the Company′s web site at www.goldore.ca.
ON BEHALF OF THE BOARD
Robert S. Wasylyshyn
President
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Gold-Ore Resources Ltd.
604-687-8884
or
Troy Winsor
1-800-663-8072
www.goldore.ca